Mainstream Renewable secures $52m credit facility for Chilean wind farm
Global renewable energy developer Mainstream Renewable Power has completed the financial closure and commenced construction at wind farm in Chile.
The 33MW Negrete Cuel Wind Farm is located in the southern part of the country and is supported by a $52m credit facility arranged by the China Development Bank.
Mainstream chief executive Eddie O'Connor said that the company had delivered the project on a merchant basis without a Power Purchase Agreement and secured financing with China Development Bank.
"Since entering the Chilean market back in 2009 Mainstream has built a very strong and growing portfolio of wind and solar projects, many of which are in the mid to late development stages," noted O'Connor.
Chinese wind turbine manufacturer has been selected to supply GW87 1.5MW wind turbines for the facility.
Commenting on the deal Goldwind CEO Tim Rosenzweig said, "We are pleased to partner with Mainstream on the Negrete project; a deal that demonstrates both companies' ability to compete as industry leaders in emerging markets with well-developed projects deploying best in class technology."
The project is expected to be fully operational by September 2013 and the company will sell the energy directly into the spot market.